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Arsenal's chief commercial officer Tom Fox has stated that winning football matches is only a part of the club's "brand", suggesting that making the fans "proud" is more important.

The Gunners' form has been well below par so far this season. The Premier League side are currently sitting 10th in the table, having already lost four games, and are 15 points off leaders Manchester United.

The club recently beat rivals Tottenham 5-2 for the second year in a row, but are still five points behind them in the league, with Spurs occupying the fourth Champions League spot.

However, despite their poor showing and speculation about manager Arsene Wenger's future, Fox has declared that there is more to the club than performing on the pitch, stating their identity is enough to make the fans proud.

"Arsenal Football Club is not only about winning," he told reporters.

"We have a large and engaged fan-base around the world who wants to feel as if they belong to the club, and want to feel proud to belong to the club.

"That’s my primary business. When they [the fans] see that we can attract – even though we haven't won a trophy in seven years – one of the top global brands in the world for the type of money and financial commitment they're making, that makes our fans feel proud.

"So our brand is defined by more than winning."

The 2-1 defeat to Olympiakos in the Champions League on Tuesday night not only means the Gunners will face a group topper in the knock-out stages, having finished second in Group B, it also extends their winless streak to four matches.